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LARR said - Use your meter to find the two contacts that have continuity between them.
OK, I have continuity between the SOL and IGN terminals as well as continuity between the TH and BAT terminals.
Applied voltage to the TH and BATT makes the click. The SOL and IGN is more like a short.

LARR said - Those are the TH and IGN terminals of the relay.
But one is clearly the fused terminal.,

I should add that when the relay is tripped by applying voltage to the BATT terminal and a ground to the TH terminal I get voltage at both the IGN and the SOL terminals.
Still stumped.

Yes, out on the bench.
Positive voltage to the terminal with the fuse and a ground to the TH terminal. This activates the relay and puts voltage to the IGN and SOL terminals.
I opened it up but don't have any idea what to look for.
Its clean and new and doesn't show any signs of being hot.

I don't have the diagram right in front of me, and these derned tablets don't multitask well at all. The relay must still be hooked up from what I gather.

Having power at batt terminal and ground at the throttle terminal is correct when the throttle is not fully depressed. The ignition having power is correct when the ignition is in the run position. The solenoid having power also sounds right, if then the solenoid is controlled by the governor. That is my fuzzy part. The document from Frazier had a governor, but I don't know 100% that Willy's used one or not. The governor would engage the solenoid above 30 mph, then kick out at full throttle via the throttle switch ground being interupted. Check over my recollection to see if that makes sense.